SF 2285

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; teachers retirement 
  1.3             association; permitting certain retiring teachers to 
  1.4             elect the improved money purchase benefit plan in lieu 
  1.5             of the formula benefit plan; amending Minnesota 
  1.6             Statutes 2000, section 354.55, subdivision 17. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 2000, section 354.55, 
  1.9   subdivision 17, is amended to read: 
  1.10     Subd. 17.  [RETENTION OF CERTAIN BENEFIT PLAN OPTIONS.] (a) 
  1.11  Teachers who retire after June 30, 1973 and who failed to make 
  1.12  an election pursuant to Minnesota Statutes 1971, section 
  1.13  354.145, subdivision 1, clause (1) and subdivision 2, clause (1) 
  1.14  shall have their annuity at retirement computed under section 
  1.15  354.44, subdivision 2 or 6, whichever is larger. 
  1.16     (b) Teachers who were first employed as a teacher before 
  1.17  January 1, 1969, and who subsequently made an election in 
  1.18  accordance with Minnesota Statutes 1971, section 354.145, 
  1.19  subdivisions 1, clause (1), and 2, clause (1), who have retired, 
  1.20  or will retire after December 31, 1996, are entitled to have 
  1.21  their retirement annuity computed under section 354.44, 
  1.22  subdivision 2 or 6, whichever is the larger amount. 
  1.23     Sec. 2.  [EFFECTIVE DATE.] 
  1.24     Section 1 is effective the day following final enactment.